Friday, October 10, 2014

Playing with fire - major Canadian banks back environmental extremists.

Peter Foster: "Look who’s demonizing Canadian oil"
 Next month, in Montreal, an organization called the Canadian Youth Climate Coalition, CYCC , is set to hold a “convergence” on pressuring institutions such as pension funds and university endowments to ditch their shares in Canadian oil and gas companies.

... the CYCC isn’t some Quixotic group of young idealists. Its divestment thrust is the offshoot of an international campaign — backed by big U.S. foundations ... part of the same movement that recently saw the Rockefeller Brothers Fund declare its intention to sell its fossil fuel interests.

Bizarrely, one of the most prominent Canadian agitators is Thomas Van Dyck, a senior executive in the Wealth Management division of the Royal Bank of Canada. CYCC has also been supported by TD Bank.

... Divest/Invest was inspired by American Bill McKibben, founder of, which CYCC acknowledges as its partner in the “Fossil Free Canada” initiative. 

... In January of this year, Ellen Dorsey, executive director of the Washington-based Wallace Global Fund – a major backer of radical environmental groups — launched Divest-Invest Philanthropy ...

I put in a call to RBC asking how one of their senior employees could so vigorously attack their clients. In an email, the bank responded that “Tom’s stated views are his own,”
Look, I know that these greedy weasel banks are playing both ends against the middle to make a buck but they are playing with a fire that could get out of control and seriously damage the entire economy.  Then where would their profits be?  And our standard of living? 

RBC's email response to Foster ( “Tom’s [Van Dyck's] stated views are his own”) was disingenuous to say the least.  In Moyers' interview with radical "divest leaders" Van Dyck and Dorsey Van Dyck is identified explicitly as a Senior VP with RBC wealth management and RBC's own web page touts his environmental activism and his eco-extremist connections:
"Van Dyck is the founder of As You Sow*, a shareholder advocacy foundation, and is active with environmental groups, including Rainforest Action Network, Baykeeper, Bioneers and Earth Rights International."
RBC is fully aware of Van Dyck's extreme views, connections and objectives which include the destruction of the fossil fuel industry.  It is easy to conclude that RBC is more than proud to have him on "the team".  And by employing Van Dyck in a senior wealth management role RBC has put him in a strong position to promote and advance his radical, economy destroying agenda.  RBC has implicitly endorsed that agenda.

If I were a major oil industry client of RBC I would be calling for Van Dyck's  head to roll, and failing that divesting myself of any business relationship with RBC.

FYC, Bill Moyers' interview with Thomas Van Dyck and Ellen Dorsey:


Alain said...

So far my credit union has not jumped on the band wagon, but I agree that clients of these financial institutions need to make it clear that they will close their accounts and move their money elsewhere if the institution has anyone endorsing this rubbish.

Anonymous said...

Cameron Fenton, the National Director of the Canadian Youth Climate Coalition, admitted to dishonesty in an article entitled:

““Blatant dishonesty and shameful misrepresentation: Why we hoaxed the environment minister “
“I'll be the first own dishonesty. We lied, we hoaxed and then hoaxed again -- a hoax within a ruse within a prank; a hoax inception as one supporter chimed in. This required us to do a little more than bend the truth but taken against the lies and misinformation that are spread by the Canadian government our little white lie pales even whiter. Each and every time that the prime minister, the environment minister, or anyone in the Harper government PR machine says that they take climate change seriously they are lying. The simple fact is that their "ambitious plan" to meet emission reduction targets isn't working. “

JR said...

As Foster noted, these activist "youth" groups are actually part of well-oiled (pardon the pun) PR machines run by people who have few compunctions about using subterfuge and lying to promote their destructive cause. They're not called eco-fascists for nothing.

NVan said...

Most if the world's oil reserves are owned by State-run companies that act in the interests of their governments.

I am an RBC client and just fired off this email via RBC's internal messaging service:

"Please pass on my extreme discomfort with your employment of Thomas Van Dyck in your Wealth Management group. His views are bizarre, but more disturbing is his innumeracy when it comes to calculating the supposed 'subsidization' of the global oil industry. (Not surprising from a Political Science graduate, I guess). I am seriously thinking of finding a new bank".

JR said...

NVan, Great email to RBC!

I've been considering sending off something (as an RBC shareholder, I bank with TD and CIBC). But I'm nervous about looking too closely into my banks' practices for fear of finding that they're involved in similarly insane, duplicitous double dealing. They're all deep into the politically correct "corporate social responsibility" BS.

I've passed on a note to Ezra Levant trying to tempt him to do a segment (or ten!) of The Source on this story. It has a lot of juicy elements. He'd have a ball with it and maybe start a petition:)

Anonymous said...

and then we see this